- Gevo Stock Price defends $1.00 and consolidates in a narrow range.
- Gevo Inc (NASDAQ: GEVO) missed EPS estimates by 26.08%.
- The Gevo share Price trading below both EMAs showcase downtrend.
Gevo Stock Price (NASDAQ: GEVO) up 8% on a monthly basis and buyers trying to defend the $1.00 support. Prices seem to be consolidating a narrow range between $1.00 to $1.30 and forming a short term base.
Gevo Stock price is trading below the 200 day and 50 day EMA shows positional trend is in downward direction. However, if buyers succeed to push the price above 50 day EMA then we might see signs of short term bullish trend reversal.
On a higher time frame, Gevo Stock has not performed well and is down by 30% on YTD basis. Prices are in a strong downtrend and slipping down by forming lower low swings.
Recently, Gevo Inc released the quarterly earnings on May 10, 2023. It reported EPS of $-0.07 vs estimates are $-0.056. Therefore, it missed the earnings estimated by 26.08%. Luckily, the company beat the revenue estimates by 32% which is quite surprising for the long term investors.
However, stock prices did not react violently and traded in range. Gevo Stock Price (NASDAQ: GEVO) closed the previous session at $1.26 with an intraday rise of 8.62%. The market capitalization stands at $298.93 Million.
Will Gevo Stock Price hold $1.00 in coming month
Gevo stock price is continuously declining shows the sellers dominance on the higher level. At the mid of March, stock price broke down important support of $1.60 which triggered the negative sentiment. Later, the price fell with strong momentum and hit a 52 week low at $1.01.
Luckily, buyers defended $1.00 but it failed to recover and give the follow up momentum. If the buyers succeed to push the price above the 50 day EMA then we might expect a short term rebound. However, it will be difficult to sustain the higher levels due to the strong presence of sellers at the supply zone.
On the other hand, If the price drops below $1.00 then panic sell off may trigger. Technical analysis suggests GEVO Stock price has corrected a lot and is trading near to the crucial support. Therefore, the price is expected to hold $1.00 and consolidate in a range.
GEVO Stock short squeeze possible
GEVO Stock forming a Doji candle on a weekly time frame and defending $1.00 from the past six weeks. It shows bears facing difficulty to pull the price further down. Any positive news will force bears to close the previous short positions which might trigger a short squeeze. However, as of now no signs of squeeze are visible.
The technical indicators like MACD have generated a positive crossover which indicates mild bullishness. The RSI at 52 sloping upward denotes neutral territory and buyers trying to push the price upward.
Conclusion
Gevo Stock Price (NASDAQ: GEVO) up 8% on a monthly basis and buyers trying to defend the $1.00. Price is consolidating in a narrow range and showed signs of short term base formation. The technical analysis says, GEVO Stock price is oversold and corrected a lot. Therefore, a minor short squeeze is possible to clear the short.
Technical levels
Resistance levels: $1.61 and $2.21
Support levels: $1.00 and $0.800
Disclaimer
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